CBN Grants IMTO Licenses to 11 Operators

Central Bank of Nigeria (CBN) has licensed more International Money Transfer Operators (IMTOs) to operate in Nigeria, in furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users

In line with the existing Guidelines on International Money Transfer Services in Nigeria (2014), the following IMTOs are now licensed to operate in Nigeria.

Isaac Okorafor, spokesperson of CBN, said in a statement that the registered operators include: Trans-Fast Remittance LLC, Worldremit Limited, UAE Exchange Centre LLC, Wari Limited and Homesend S.C.R.L.

Others are Small World Financial Services Group Limited, Weblink International Limited Cashpot Limited, Dt&T Corporation Limited, Fiem Group LLC Dba Ping Express and CP Express Limited.

The new International Money Transfers Operators (IMTOs) join three certified operators – Western Union, MoneyGram and Ria.

The IMTOs would target huge dollar inflows from Nigerians in Diaspora, who remit over $21 billion annually to national coffers. The annual Diaspora remittance is expected to hit $35 billion this year following the devaluation of the naira, which remains an incentive for Nigerians in Diaspora to send more dollars home.

The licencing of new operators, followed the exit of hundreds of international money transfer firms, after the CBN rolled out new guidelines stopping operations.

The CBN had recently advised Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed IMTOs in Nigeria.